Ajanta Pharma Limited — Q3 FY26
Ajanta Pharma delivered a strong Q3 FY26 with consolidated revenue of ₹1,375 crore (+20% YoY) and EBITDA of ₹382 crore (+19% YoY), driven by robust US generics (+52% YoY) and In...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Clarification on full year growth guidance for FY26.
Asked by Tushar Manudhane, Motilal Oswal Financial Services Ltd
Management did not repeat or quantify the guidance, just said 'in line'.
no specific number givenvague reference to prior statement
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Question
Sir, firstly, some clarification on the growth guidance, which you gave for full year 2026, if you could just sort of repeat.
Arvind Agrawal, CFO
It is in line with what we said, maintains growth for the whole year.
Answered
High priority
Explanation for gross margin improvement and sustainability.
Asked by Tushar Manudhane, Motilal Oswal Financial Services Ltd
Management gave a specific margin range and confirmed sustainability.
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Question
Sir, secondly, on gross margins, which has seen significant improvement for the quarter... if you could just explain this improvement in gross margin and sustainability of gross margin?
Arvind Agrawal, CFO
I think, what I just mentioned, I think, you should consider 78%, ±1%. Some variations keep on happening quarter to quarter, but overall, I think we are very confident that we should be able to maintain it at about 78%, ±1%.
Partial answer
High priority
Outlook for US business in FY27.
Asked by Tushar Manudhane, Motilal Oswal Financial Services Ltd
Management gave a qualitative double-digit growth expectation but deferred detailed guidance.
deferred to next quarterno specific number given
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Question
how you think about FY 2027 for U.S. geography?
Yogesh Agrawal, Managing Director
It should be good only, but I think it will be a bit early to give the guidance for that. I think let's do that in the next quarter... but I think we should be able to post, double-digit growth for sure.
Declined
Medium priority
Constant currency growth for US business in Q3 and 9M FY26.
Asked by Tushar Manudhane, Motilal Oswal Financial Services Ltd
Management did not provide the figure, said they would share later.
no number givenpromised to share later
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Question
how much would be constant currency growth for U.S. business for Q3, FY 2026, and nine months, FY 2026?
Yogesh Agrawal, Managing Director
I think I don't have that figure right now. ... I will give it, share it later.
Answered
High priority
Driver of India business 19% growth outperformance.
Asked by Abdulkader Puranwala, ICICI Securities Limited
Management explained the drivers: seasonal, gynecology, dermatology outperformance.
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Question
what exactly has driven this outperformance, if you could highlight?
Yogesh Agrawal, Managing Director
No, I think it's mostly a little bit of seasonal also for us in some sense. But at the same time, we have had some very good activities... gynecology has done much better... Dermatology... we outperformed the market by nearly two times the growth rate.
Answered
High priority
Deployment of 150 new MRs and GLP-1 launch plans.
Asked by Abdulkader Puranwala, ICICI Securities Limited
Management clearly stated MR deployment and GLP launch timeline.
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Question
where exactly are the MRs getting deployed and, you know, any new product, you're launching, you know, either on the GLP side in India and overseas with your recent partnership?
Yogesh Agrawal, Managing Director
Number of reps, what we have added in domestic are across these four therapeutic segments, and that is basically Pan India. ... For GLP, we will be launching in India under our own trademark, and, we hope to be in the first wave of the product launches that will happen, in the month of March.
Evasive
Medium priority
Details of GLP-1 partnership with Biocon (financial arrangement).
Asked by Abdulkader Puranwala, ICICI Securities Limited
Management cited confidentiality and gave only vague description of arrangement.
confidentiality citedno specific financial details given
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Question
So, with regards to GLP, then, you know, your overseas partnership with Biocon, if you could shed some light as to, you know, how the arrangement is?
Yogesh Agrawal, Managing Director
There is some confidentiality agreements which we have in place, so I'm not able to give the exact details, but it's a combination of all what we have just mentioned. It is going to be the transfer price, and there'll be some arrangement on some kind of mechanism, on some profit share, things like that, yeah.
Evasive
Medium priority
Dividend payout ratio expectation for FY26.
Asked by Aman Kumar Singh
Management did not commit to any payout range, deferred decision.
deferred to board decisionconditional on acquisition
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Question
This year, we have given a payout of about 44%. Do we expect the similar kind of a payout from the trend what we have seen in the past?
Arvind Agrawal, CFO
I think it is still not decided because there is one more quarter which is going to be there. So we need to take a call in the board meeting. ... we are increasing our thrust on the acquisition. So if that happens, then in that case, maybe board will advise accordingly.
Partial answer
High priority
Roadmap from $500M to $1B turnover.
Asked by Aman Kumar Singh
Management gave qualitative growth levers but no concrete roadmap or numbers.
no specific timeline or quantitative targets given
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Question
What is our roadmap or a plan to go from a $500 million to $1- billion company? Please elaborate on this.
Yogesh Agrawal, Managing Director
The plans are. It's a everyday progress which is being made in the existing markets. ... idea is to increase the new therapeutic segments. Internationally, we are looking at, to add at least one new therapeutic segments next year. ... we are also looking to expand into the new territories, possibly to Latin America...
Answered
High priority
Breakup of India growth: volume, price, new products.
Asked by Kashish Thakur, Elara Capital
Management provided specific volume and new product contribution numbers.
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Question
just wanted to understand the breakup of the India growth, like in the terms of volume growth, price and new products.
Yogesh Agrawal, Managing Director
So volume growth, IPM is at 2.1%. This is a composition of 8.9% IPM growth. Ajanta has grown at 3.1%... And, for the new products, IPM has shown a contribution of 2.5% in the growth, and Ajanta has shown 3.9%.
Partial answer
Medium priority
Reason for muted Asia business in nine months.
Asked by Veeresh Kumar, WhiteOak Capital
Management gave general reasons but no granular detail on which countries or products.
no specific countries namedblamed delays
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Question
For nine months, Asia is quite muted, so if you can just explain that, sir?
Yogesh Agrawal, Managing Director
No particular reason I can say. ... we've seen some low traction in certain countries. ... Also there were some exports which got delayed, shipments from the Q3, and which will get pushed over to the Q4.
Answered
High priority
Guidance for Asia and Africa branded business for FY26.
Asked by Foram Parekh, Bank of Baroda Capital Markets
Management gave specific growth ranges for both Asia and Africa for FY26.
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Question
could you just give us a guidance or like, you know, for FY 2027 or FY 2026, what are we guiding full year for Asia branded and Africa branded?
Yogesh Agrawal, Managing Director
So I think Asia, we should be able to post mid-single digit to high single digit. ... For Africa, we should probably post in low double digit, I think.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin guidance of 78% ±1% | 78% | 28% | Overstated vs filing |
| India volume growth 3.1% vs IPM 2.1% | 3.1% | 20% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.